Another McMansion Foreclosure: 4125 N. Oakley
We have already chattered about numerous new construction foreclosures.
Here is another one that is going to foreclosure auction at 4125 N. Oakley in the North Center/Lincoln Square neighborhood.
It is currently on the market. Here’s the listing:
NEW CONSTRUCTION BRICK SFH W/BRICK 2 CAR GAR W/ROOF DECK, GOURMET GRANITE KITCHEN FEATURING THERMADOR/BOSCH/DACOR STS W/BUTLERS PANTRY/BEV FRIDGE, BRAZILIAN CHERRY FLOORS AND SOLID CHERRY CEILING IN DINING ROOM
4 FIREPLACES, DECK OFF MASTER SUITE, STEAM SHOWER IN MASTER & LOWER LEVEL BATH, RADIANT HEAT FLRS IN LOW LEVEL, CENTRAL VAC, BEAUTIFUL LARGE FRONT PORCH, IPE DECKING. ALLOW TIME FOR BANK APPROVAL
4125 N. Oakley: 5 bedrooms, 3.5 baths, 2 car garage
- Currently listed for $1.249 million
- Foreclosure auction price of $1,009,500
- Taxes are new – so unknown
- Century 21 Sussex & Reilly has the listing
Never sold? So this is a builder foreclosure?
looks like it, ya.
oh what’s wrong with this place…
violates the don’t own the most expensive house on the block adage,
ADD-ridden/incoherent interior design / the wood chosen looks horrible in the picture
WTF is with the exterior frontage,
$1MM is being extremely generous IMHO.
As always YMMV.
They better keep it clean. If it molds out like the non-mill plus houses I’ve looked at, it won’t sell.
Lincoln Square is nice, but I would only live there in order to save money. If you’re buying this behemoth, why not shell out the extra cash and live in LP or Bucktown.
What’s more, can’t you get a mansion in Bucktown for the same price?
Is this really a million dollar house? Or is it just a regular house nice trim, pergot floors and a fire place?
dave, yes. you can probably get the same mcmansion in bucktown or better neighborhoods for that price. North Center single family home prices are out of control .
Is this really a million dollar house? Or is it just a regular house nice trim, pergot floors and a fire place?
“pergot floors”
If the floors in a new construction 4000+ sq ft SFR are pergo, it’s a dump that no one should buy for anything like this price. I’d be exteremely surprised if those aren’t solid wood.
It’s a 4500 sq ft house, so $1mm isn’t out of whack. The neighborhood is overrun with kids, and CPS is a real option, so private school isn’t as “necessary” as it is in Bucktown. And lots of folks don’t really see Bucktown as a family neighborhood (I’m indifferent) including many who live there.
“why not shell out the extra cash and live in LP”
How much extra is it for 5 BR in LP? I see four options (not counting THs) for under $1.5mm and none of which is new (or even new-ish), as this one is (many would rather buy new). $500k is substantial savings; obviously, there is a reason it didn’t sell $1.25mm in the 2+ years it’s been on the market.
I just checked the purchase price and they only paid $362k for it in August 2005 (rec’d in 10/05)–fairly cheap land for the neighborhood at the time; just south of IP, lots were selling for around $500k+ in ’05. Of course, it’s on the wrong side of IP local school wise, so that a partial explanation.
$1,009,500 is the face amount of the modified mortgage–that’s a little odd that there is no tacked on costs. Taxes may be new, but the assessed value is $775,669, so you can estimate from there.
Anon I can’t figure you out. Sometimes your insights make a lot of sense and sometimes you defend pricing and units that don’t. Granted this is an OK looking house but a million dollars? Its a rehabbed 2 flat + basement with staircase that connects the three floors.
Look what’s on either side of this house – 2 flats. I bet they too have solid wood floors and nice trim. In fact if you look closely, I don’t think this house is new construction; it’s a converted two-flat with a new facade. Like you said, it’s on the wrong side of Irving Park. I don’t know, if Chicago ever wants to stop the exedous of school age children to the ‘burbs SFH’s need to cost less than a $1,000,000, with or without luxury applicances. Furthermore, the quality of this place may suck too. I personally know a ‘developer’ also in foreclosure who tried converting a two-flat into a million dollar home…who knows what problems will arise in the near future?
It ain’t a re-habbed two flat–it’s too wide and too long and has too many stupid windows on the side to have been cost effective to retain the walls and the crappy foundation. If nothing else, the downspout at the front is a giveaway–none of the old two flats have roofs that drain at the front. There have been a TON of teardowns on the 4000-4300 blocks of Oakley, Bell, Leavitt etc. The housing stock there contained a lot of crap 10 years ago–crummy stick houses built on slabs or without full height basements.
Look, I live kinda nearby and see a ton of this nonsense. There’s a (new-ish) stick house on my block that’s been for re-sale for 18 months. They’ve raised the price at least once (may have dropped again) and want over $1mm for it–and it’s nowhere near as nice as this place (tho it is south of IP).
I think $1mm is outrageous, but it’s less outrageous than the same thing for $1.5+ in some crummy corner of 60614, or the same amount for a similar place in East Humboldt Park, or $3mm+ for a slightly nicer place in a better part of the ’14 (esp. if you’re going to send your kids to Parker anyway–just gives them and their friends a nearby basement to smoke pot in when they’re in HS).
Yes, I agree that SFRs need to cost (a lot) less than $1mm if families are actually going to stay. This knucklehead builder put four (4!!) fireplaces, an $8000 refrigerator and a entire cherry orchard into a spec house with a land cost of “only” about $375k–He’d have sold this in a nanosecond if he’d built to the lot price and offered something for $795-895k (with comparable ROI for him). Sure, it would have been a little smaller (knock off the back 8-10 feet and have a little yard space–not actually a bad thing) and had cheaper floors and no out-of-place cherry tray ceiling and maybe only 2 fps and a regular refrigerator and probably a stick garage. Stupidity and greed are not a good combination.
Indeed, if you still doubt me HD, look at the google maps (won’t vouch for google earth) aerial–it’s old enough that you can see that the old house had a peaked roof. It’s the 10th house north of belle plaine on the east side of oakley. Or use the city’s GIS map aerial–it’s even more obviously a peaked roof stick house.
Google street view is more recent and shows construction, but you can’t tell for sure, even looking at it from an angle.
Hey Guys,
Why guess when I can give you the real scoop. This is a New Construction SFA that was just completed within the last few months.
Remarks: NEW CONSTRUCTION BRICK SFH W/BRICK 2 CAR GAR W/ROOF DECK, GOURMET GRANITE KITCHEN FEATURING THERMADOR/BOSCH/DACOR STS W/BUTLERS PANTRY/BEV FRIDGE, BRAZILIAN CHERRY FLOORS AND SOLID CHERRY CEILING IN DINING ROOM, 4 FIREPLACES, DECK OFF MASTER SUITE, STEAM SHOWER IN MASTER & LOWER LEVEL BATH, RADIANT HEAT FLRS IN LOW LEVEL, CENTRAL VAC, BEAUTIFUL LARGE FRONT PORCH, IPE DECKING is all TRUE!
You would pay a ton more if you dropped this same SFH into Lincoln Park or Bucktown w/o question. I agree the 1.249 price seems high but a frame house across the street is under contract at that price and a very similar comp on 1919 W. Warner just closed at $1.200 so this will appraise out and that is what the market is saying in this area. The “REAL” Cherry wood is a little over the top and I agree 4 fireplaces is a lot but this house is beautiful inside and out. It’s brick, mortar, land and it has value as all real estate does. If you are interested, please do make an offer.
Why should anyone make an offer when it’s going to the bank who will then list it for at least 25% to 35% (or more) below the current asking?
Just wondering.
My wife and I have been looking in the area. We saw this house. It has nice features but the layouts are a little weird. The nice porch in front cut into the living room. Due to the 25 foot lot, the dining room was too cut up with a butlers pantry into the kitchen. It did not fit our 7 ft hutch and 8 seat dining table.
Basically, although people here continue to be negative on this 1-2M bracket, the bottom line is that you cannot build something live this for less than 500K. The lots up there in the Bell and Coonley school districts are about 400-500K. Add 40K to demo and you are at the 1 to 1.05M range.
We have also notices no more spec building in that area. The inventory is starting to clear. Two other houses we bid on have sold – 4120 N Oakley and 4132 N Bell.
The area is now down to a few properties like this one and some two flats that you could buy and rehab.
the reason to make an offer on this house now is because the bank is already in control and they are not in the business of owning real estate. This house should appraise out in the 1.2 mil range based on other comps in the area and the inventory is going down. If someone can get this for less than the appraisel range they will have instant equity.
Sabrina:
You really think the lender would take $816k ($1.249mm-35%) for this? I don’t think they would and I think it would sell quickly if they listed it for $999K–and that’s only 20% off current list.
And HD, yes, that’s still too much to be really sustainable, but that’s what new SFRs in this area sell for, as Kevin notes.
and CPS is a real option, so private school isn’t as “necessary” as it is in Bucktown.
—
anon,
I checked the CPD school locator and it has Coonley Ele and Amundsen HS as your area attendance schools. You are lunatic if you think any one that can afford a Mil + house will send thier kids to Coonley. Per CPS only 12% of the student population of Coonley Exceeding State Standards for the Highest Grade Enrolled. 12%! That is hardly my idea of a “real option” for ANY kid.
And Amundsen has ***ZERO***% of students Exceed state standards! ZERO ! Not one of the 1,493 enrolled kids exceed the state standards. That school is ranked LAST (77 of 77) in that category.
Please do more reseach before we start to think you are an Amundsen grad…
I’m starting to think that there are too many million dollar homes for the million dollar home demographic. Except for the interest only 5/1 jumbo arm 10 year balloon demo. But isn’t that how most millionaires buy real estate?
Coonley recently announced that they are starting a gifted program. that should up the quality of the education there.
SITC:
I have CONSISTENTLY said that CPS becomes an issue at the high school level–there is a real problem with every high school except the magnets and those with IB programs.
As to Coonley, you had better do your research. Just because you don’t know about changes, doesn’t mean they aren’t happening. Among other things, Coonley is the newest magnet school in CPS–so yes, the 8th grade class (whichever year that relates to) wasn’t so hot, but the student body is turning over.
hd: “I’m starting to think that there are too many million dollar homes for the million dollar home demographic.”
Dude, you feeling a little slow today? Had too much fun over the weekend? Of course there are too many $1mm homes (or at least too many $1mm homes outside of Stevo’s coverage area) for the number of people who make $300k+.
“Dude, you feeling a little slow today?” actually I am; I spilled coffee on my hand this morning and everything went downhill from there. My assistant broke large pieces of office equipment; I had to wait outside a judge’s chambers for 1.5 hours to get an order entered; etc….it’s a crappy day; I’m tired as hell and stuff isn’t going my way.
HD: That sux. Hope the copier was a leased unit.
Unfortunately it wasn’t leased, but, I’ll get the bosses to lease a new one with lots of useful features.
Coonley is also putting on a 3.75 mil addition and will have a gifted program and is a new magnet school. These guys are out to beat Bell so people putting down money for Million dollar homes are all over this trend who gave up on Bell!
That must be some massave hutch cuz this dining room is huge with 2 light fixtures above and could easiely fit a 12+ seater dining set.
there sure arn’t too many million dollar homes for sale in this area so I think this place is gonna move quickly now that the auction price is all over the internet.
2 cents and anon,
Just because you buy a million dollar home next door to a school that has a gifted program, it does not mean you automatically get your kid into the gifted program. The kid need to test into the program. And keep in mind the gifted program and the “gen-pop” have seperate classrooms and cirriculum.
“there sure arn’t too many million dollar homes for sale in this area”
Guess you haven’t driven south on Bell from Montrose to IP. There are AT LEAST 8 new construction homes for sale, most completed for six-plus months. There are plenty of others, too.
“keep in mind the gifted program and the “gen-pop” have seperate classrooms and cirriculum”
Show me the CPS school (on the northside) that has a magnet program and a genuinely mediocre or worse neighborhood program after 3 years of the magnet program. Take your silly assumptions and move to Kane County. Coonley is going to be a good school in a couple years–yes that doesn’t help anyone with a 5th grader, but those families aren’t the folks moving in.
Anon:
How many families have young kids that can afford a $1MM house? Are you kidding yourself?
If you exclude old money people hit their peak earning years in their 50s. Do you really think there are enough power couples who wait until they are precisely 35 and each earning 400k to start having kids? Do you know how small the demographic you are describing precisely is? Infinitesimal.
JFC, what a strawman, Bob. I noted IN THIS COMMENT THREAD that there are way too many $1mm homes.
I noted in THE COMMENT YOU REPLIED TO that, contra 2 Cents Worth, there are a bunch of $1mm homes with a block or two of this one that are languishing (some languishing badly).
As to the families, I was debunking the spurious contention (by STIC and SITC) that Coonley will remain a worse than average school and contend that it is turning into an appealing neighborhood school choice–I made no statement about whether or not there ARE enough families who can pay $1mm to absorb the existing new $1mm+ homes; indeed (again), if you look back, I stated that it’s obvious that there are not.
And I don’t think that Coonley is yet a draw, but it is no longer a clear minus for the IP-Montrose, Damen-the River area. Does the coming improvement at Coonley justify $1mm+ for homes–NO (again). But it’s a better deal than spending another $250k+ to buy a similar house in Bucktown and “have to” send your kid(s) to private school (which is the equivalent of payments on $200k+ in mtg principal per kid).
I HAVE BEEN LIVING JUST A FEW HOUSES NORTH OF THIS BUILDING FOR AROUND 40 YEARS. I HAVE SEEN THE OLD HOUSE TORN DOWN AND THIS ONE BUILT. THE NEIGHBORHOOD HAS IMPROVED A LOT. I RAISED 3 KIDS HERE. THERE ARE JUST A FEW TEENAGERS IF ANY THAT LIVE HERE NOW. THE PEOPLE THAT ARE BUYING THESE NEW HOMES ARE YOUNG PROFESSIONALS THAT HAVE SMALL CHILDREN. THIS BLOCK IS QUITE, NO ONE HANGING OUTSIDE MAKING TROUBLE. I AM GLAD TO SEE THE OLD BUILDINGS BEING TORN DOWN AND NEW HOMES BEING BUILT. I WISH THE REAL ESTATE WOULD GO BACK UP AGAIN SO NEIGHBHOODS CAN KEEP IMPROVING AND GETTING RID OF ALL THE GANGS EVERYWHERE. LET CICERO AND OTHER SUBURBS GET THEM.
Show me the CPS school (on the northside) that has a magnet program and a genuinely mediocre or worse neighborhood program after 3 years of the magnet program.
—
anon,
The CPS school locator page still shows Coonley as an “area attendance” and the stats that I published are what they are. You must be a mind reader to know for sure that any school will be good years into the future. If that is the case I am all with you. If not you are just talking out of your a$$. There are too many what-if’s.
You claim to know more than what CPS is publishing so good for you. But a gifted program within an area attendance school, such as Pritzker, is a better deal, the gifted program is isolated from the gen-pop. If Coonley is going to be gifted and magnet then I would reconsider.
Let me restate this for you since you glossed over it: Kids have to test into a gifted program, it not a birthright given to any clown that stretched to buy a $1M+ house next door. A Magnet program is “random lottery”. Also not an automatic if you live next door to the school. Such is the case with the old Edison Pk School on the NW side that the city shut down. Mind readers did not see that coming. With a Magnet program in Chicago there is no such thing as “random” and “lottery”. So basically combining a gifted program with a “random lottery” you will have a gifted program watered down to include “diversity” and political clout. Why would you want that? A better learning enviroment for a gifted student is to be around other gifted students.
I don’t hate Coonley, I could care less. I hope it works out for you, but I don’t think you really understand the entire system.
“If not you are just talking out of your a$$. There are too many what-if’s.”
Yeah, same to you. You choose pessimism about CPS, I choose optimism; we’re both talking out of our ass, as there are too many waht-ifs.
“You claim to know more than what CPS is publishing so good for you.”
I was just trying to point out that the historical stats are not a reliable indicator of what’s happening at Coonley going forward.
“I hope it works out for you”
Mind reading much? I don’t live within the Coonley attendance boundaries.
Read this if you’re concerned about CPS. As a higly educated but concerned BUCKTOWN “urban pioneer”, I spent a GREAT DEAL of time researching CPS and suburban schools. Finally, my husband and I decided to take a chance and stay in Chgo. Our kids (now 25 & 28)were accepted in a CPS gifted program in 1st grade and it was OUTSTANDING (what a relief!) The kids were consistently scoring in the 99th percentile on standardized tests throughout their CPS education. They did equally well at DePaul U. My office wall is loaded with their academic awards. The gifted program used text books one year ahead of the grade level so first graders worked with second grade material etc. There was a range of ability in the gifted classes as there are in all classes but the high standard applied to everyone. The gifted classrooms were housed within the neighborhood school building although the kids didn’t mix much socially, probably because most gifted didn’t live in the neighborhood. The total school test score published every year in the media was a combined gifted and neighborhood student score. If you had judged the school by that score, you would have been mislead about both programs. Bottom line: CPS gifted program A+(although that was decades ago).
Speaking of A+: As I currently calculate equity on my (then)$20,000 2 flat(now a single family), walk to the trendy Milwaukee and Damen restaurants (borded up stores when I moved in), or review my hefty stock portfolio enabled by cheap housing, consequent high cash flow and my investing mentality, I know I made the right decision!!!
One more thing…as I review my life’s decisions…this is what I see: I bought a home in the ghetto. No guarantee that the gentrification would jump the Clyborn factory area (no condos then) the train or the expressway. Meanwhile,my college buddies bought or had built, beautiful homes…some with indoor pools in costly suburbs. I, the odd one,looked pretty unfortunate at the time. They were wearing designer, I wore Walmart. They drove Mercedes, I drove a VW. They paid their bills, I learned how to invest (although my stocks are a little depressed today LOL). Well, decades have passed and many of them are in financial trouble now, one living on $900. a month SS, renting with no savings, another finally declaring bankrupcy…I suppose his geodesic dome with the indoor pool will have to go. (Is this where you want to be?) I’m finally looking like the life winner. I’m the Tortise saddened by the Hare.
Oh yeah, I’m currently looking at depressed neighborhoods. Perhaps I’ll put a down payment on a house/condo for my daughter…
Also, if you’re still reading this old lady prattle, my lawyer (who owns his downtown practice) is a graduate of a regular city high school. Going to a regular neighborhood school is NOT the kiss of death.
Sorry ’bout the typos, spelling and syntax errors in my previous piece.